by The Third Generation Sequencing Market is estimated to be valued at US$ 8.93 Bn in 2022 and is expected to exhibit a CAGR of 13.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Third generation sequencing, also known as single-molecule real-time sequencing, enables reading of a DNA or RNA molecule without requirement of amplification or chemical labeling. It provides benefits such as long read length, portability, and faster sequencing speed at relatively lower costs as compared to previous generation sequencing technologies. Third generation sequencing finds major applications in targeted resequencing, de novo sequencing, transcriptome analysis, epigenetics, methylome analysis, and microbial sequencing.
Market Dynamics:
The growth of the third generation sequencing market is driven by factors such as decreasing costs of sequencing, increasing speed of sequencing, growing demand for personalized medicine, and technological advancements in sequencing platforms. For instance, cost of whole genome sequencing using third generation sequencing platform has declined from over $1 million in 2007 to around $600 in 2021. In addition, third generation sequencing platforms such as PacBio Sequel II and Oxford Nanopore Launchpad can sequence the whole human genome within a day at affordable costs, thereby increasing adoption across various industries. However, complex workflows and requirement of dedicated IT infrastructures are expected to restrain the market growth during the forecast period.
Segment Analysis
The Third Generation Sequencing Market generation sequencing market is dominated by single molecule real-time sequencing sub segment. This sub segment held over 60% share of the total market in 2022 owing to its ability to sequence entire genomes without amplification in native condition which helps in detection of rare mutations and structural variants more accurately than other techniques.
PEST Analysis
Political: Favorable government policies and initiatives towards promoting genomics research and large scale genome sequencing projects in various countries is fueling the market growth.
Economic: Increasing R&D investments by biopharmaceutical and biotechnology companies and rising per capita health spending is boosting the adoption of third generation sequencing technologies.
Social: Growing awareness about precision medicine and its benefits among consumers has increased the demand for genetic/genomic based diagnostic tests driving the need for advanced sequencing systems.
Technological: Continuous innovations and advancements in sequencing chemistries, imaging technologies and data analytics capabilities of third generation sequencing platforms are leading to reduced cost of sequencing and enabling new clinical applications.
Key Takeaways
The global third generation sequencing market is expected to witness high growth, exhibiting CAGR of 13.1% over the forecast period, due to increasing demand for long read sequencing from clinical sector.
The North America region is expected to dominate the market during the analysis period owing to strong foothold of leading market players and growing genomic research activities in the region. The region accounted for over 40% share of the global market in 2022.
Key players operating in third generation sequencing market are Pacific Biosciences of California, Inc., Oxford Nanopore Technologies, Ltd., BGI Genomics Co., Ltd., F. Hoffmann-La Roche AG, Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN N.V., Agilent Technologies, Inc., GenapSys Inc., Loop Genomics, Nabsys, Inc., Genia Technologies, Inc., Stratos Genomics, Inc., GATC Biotech AG, and Phase Genomics, Inc. The companies are involved in new product launches, collaborations and geographic expansions to garner greater market share.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
